Curefoods India Limited, one of the country’s fastest-growing cloud kitchen operators, has secured a fresh infusion of ₹160 crore through a pre-IPO placement. The investment comes from 3State Ventures Pte. Ltd., the investment arm of Flipkart co-founder Binny Bansal.
The Bengaluru-based company has allotted 1.28 crore equity shares at ₹124 per share to Bansal’s entity. This placement was approved by the Curefoods board on September 10, 2025, followed by shareholder approval on September 15, 2025. The pre-IPO round will be factored into the sizing of the company’s upcoming fresh issue in line with regulatory norms.
Credits: Startuptalky
A Longstanding Relationship
Bansal’s involvement with Curefoods isn’t new. He has been an existing investor and shares a professional history with Ankit Nagori, the founder of Curefoods. Nagori previously worked at Flipkart, where he collaborated closely with Bansal. This continuity of trust and vision has now translated into one of the most notable pre-IPO bets in the Indian food-tech space.
For Bansal, who has consistently backed disruptive ventures in India, Curefoods represents an opportunity to participate in the next big evolution of the dining ecosystem.
The Business Behind Curefoods
Founded by Nagori, Curefoods operates a portfolio of homegrown and acquired food brands across categories. Its line-up includes:
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EatFit – a health-focused food delivery brand
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Nomad Pizza – known for its artisanal pizzas
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CakeZone – a dessert and bakery vertical
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Frozen Bottle – a milkshake and ice-cream brand
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Sharief Bhai – specializing in biryanis and Mughlai cuisine
Beyond these, Curefoods also has an exclusive partnership with Krispy Kreme to operate its outlets in India. By managing such a diverse range of brands, the company is positioning itself as a house of food brands with wide consumer appeal.
IPO Plans in Motion
Curefoods filed its Draft Red Herring Prospectus (DRHP) in June 2025 with market regulator SEBI, marking its intent to go public. The proposed IPO includes:
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A fresh issue of up to ₹800 crore
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An Offer for Sale (OFS) of 4.08 crore shares by existing investors such as Iron Pillar, Chiratae Ventures, Accel India, Alteria Capital, Curefit Healthcare, Zephyr Peacock India Growth Fund, and others.
The proceeds from the fresh issue are earmarked for multiple strategic initiatives:
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Expansion of cloud kitchens, kiosks, and restaurants
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Prepayment or repayment of certain borrowings
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Investment into its subsidiary Fan Hospitality
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Strengthening working capital requirements
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General corporate purposes
The company has appointed JM Financial Limited, IIFL Capital Services Limited, and Nuvama Wealth Management Limited as the Book Running Lead Managers for the issue.
A Sector on the Rise
The cloud kitchen model has gained massive traction in India over the past five years, fueled by rising online food delivery adoption and changing consumer dining habits. Companies like Curefoods are banking on the scalability of delivery-first brands, lower overheads compared to dine-in restaurants, and the ability to cross-leverage technology, marketing, and kitchen infrastructure across multiple brands.
With strong backing from institutional investors and now a pre-IPO endorsement by Binny Bansal, Curefoods appears well-positioned to capture a bigger slice of India’s $80 billion food services market.
What This Means for the Market
Binny Bansal’s renewed bet sends a strong signal of investor confidence in Curefoods. It also adds momentum to the broader IPO pipeline of consumer-facing startups gearing up for the public markets in 2025–26.
For Curefoods, the association with Bansal goes beyond just funding—it reinforces the narrative of trusted leadership and strategic guidance. As Ankit Nagori prepares to steer his company through the IPO journey, the pre-IPO infusion gives Curefoods both capital and credibility.
Credits: Outlook Business
The Road Ahead
With expansion, debt reduction, and diversification at the core of its IPO objectives, Curefoods is eyeing sustainable growth. Its ability to integrate multiple food categories under one umbrella while leveraging the efficiency of the cloud kitchen model could make it one of the standout listings of 2025.
As the Indian consumer grows more experimental with food choices, Curefoods’ multi-brand strategy, combined with strong investor backing, sets the stage for a compelling debut on Dalal Street.
